Davis Kosowan here with Meet the Market North Vancouver real estate update giving you stats and data in real time so you can make better real estate decisions.
We’re covering the month of October 2018 we’ll be reviewing detached properties attached properties opportunities that are available to you in this market and resources that are available to you for watching this video.
In the detached market you’ll see that we have four hundred and seventy seven properties on the market for sale and 69 detached properties sold now comparing that to some previous years we see October 2016 had 62 sold that was shortly after the first foreign buyers tax was introduced in October 2008 we saw 55 sold in 2008 while that was the meltdown of the North American the / global economy but guess what we all survived our months of inventory is 7 which clearly puts it on in a buyers market some people would interpret seven months as being in a balanced market but with what is actually going on in all segments in North Vancouver it’s very clear to me that we’re still in a buyers market in our detached snapshot we’re looking at 69 properties sold five of those over three million dollars an average sold price is one point one six million dollars detached are selling for approximately 95 percent of list price with an average of 39 days on market in builders corner and big-ticket items again we’re seeing some promising signs there’s still 83 new homes on the market right now in North Van and 72 homes over the three million dollar mark there were five properties sold over the three million dollar mark there were four new construction homes which is significantly higher than previous months and it’s showing one thing to me that savvy buyers are buying our hot three properties starting with number three is West Lynn number two is Edgemont and number one is Canyon Heights something I’ve noted here is we’re starting to see a pattern of Lynn Valley no longer being the number one or even in the top three it’s held the number one position for a very long time for detached homes we’re seeing the re-emergence of Edgemont because prices have come down people love Edgemont and people are moving there and taking advantage of those corrected prices.
Attached homes in North Vancouver we’re seeing a hundred and one sold with four hundred and sixty five properties on the market our months of inventory is five which I say is a cautionary balanced market it’s really transitioning into buyers like we’re we’re there we’re living in the transition as we speak condos were the darling of the North Vancouver market for the past year and a bit but they’ve also experienced the trickle down effect of supply versus demand and the gap in between and for attached properties the sold snapshot we have 101 sold properties 16 of those properties are priced at million dollars or higher the average sold price is seven hundred and ninety thousand dollars condos are selling now at 98 percent of list price on average and an average days on market of twenty two attached
big-ticket items we’ve got one hundred and forty five properties listed over 1 million dollars and 16 sold previous month was 22 sold and again we’re seeing a shake up in the top three neighborhoods number three Central Lonsdale number two Lynnmour and number one lower Lonsdale so this is the first time inI don’t know maybe forever where Lynnmour has been in the top three we’re seeing a lot of sales in two segments up around Cap University there’s you know all those older larger square footage condos that people are buying because of affordability and there’s also all the new towers in the Lynn Moore Lynn Creek area better that have come up and people living in them and they’re now starting to sell them so the town center format that the district has running with is starting to come to fruition.
So where are the opportunities in this market ? this is a fantastic market if you want to move yourself up the property ladder going from one-bedroom condo to a two-bedroom condo going from a two-bedroom condo to a townhouse or detached home this is also an excellent market to be moving from a non quality property to a high quality property what does that mean a non quality property was like let’s say you live right next door to the garbage dump and you want to sell and move into a you know maybe a nicer quieter place where the air is clean this kind of market accommodates that even though you’re gonna take a hit on your non quality property the price adjustments that have occurred in the quality property are making giving you that opportunity that does not exist in a hot seller’s market to make that jump and move up the ladder also if you’re a cash buyer and you’re just looking for a good price on a quality property this is an excellent market for that this is also a fantastic time to look at a new home there’s a few on market and it’s a great selection and some of them are of outstanding quality and people who have a lot of money are now buying properties so that tells you something my buyers guide and sellers guide will help you be informed and help you avoid some costly mistakes in the buying and selling process so click the links below in the description they’ll take you to a page where you can for free download my buyer’s guide and sellers guide click in the bottom right hand corner to subscribe and also click that little bell that’ll give you notifications for when my new videos come out want to know the value of your home contact me to find out hit that like button.
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